- Nigeria's trade surplus reaches N6.95 trillion in Q2 2024, with exports making up 60.89% of total trade
- VP Shettima emphasizes the role of export growth in reducing reliance on oil and boosting GDP
- Officials call for globally competitive Nigerian exports as the global market grows to $32 trillion
The Federal Government has announced significant progress in Nigeria's export sector, with trade policies and facilitation programmes leading to a surge in the country’s trade balance.
According to government officials, Nigeria’s trade surplus reached N6.5 trillion in the second quarter of 2024, driven by strong export performance.
Vice President Kashim Shettima, speaking at the 3rd National Conference on Non-Oil Exports in Abuja on Tuesday, November 12, revealed that exports now make up 60.89% of Nigeria’s total trade, amounting to N19.42 trillion.
This marks a slight increase of 1.31% from the first quarter of 2024, and a remarkable 201.76% growth compared to N6.44 trillion in Q2 of 2023.
Shettima attributed the positive trade balance to the successful implementation of the government's trade policies aimed at maximizing economic opportunities.
"For Nigeria to improve its trade balance and reduce reliance on oil and gas, effective trade policy implementation is essential," he said, highlighting that exports now represent a key pillar of the nation’s economic diversification efforts.
The National Bureau of Statistics (NBS) confirmed that Nigeria’s foreign exchange earnings increased in the second quarter of 2024, thanks to the robust export performance.
The trade surplus reached N6.95 trillion, signaling Nigeria’s strengthening position in the global market.
However, Shettima cautioned that Nigeria must avoid becoming a dumping ground for substandard goods.
He emphasised the importance of ensuring that Nigerian exports meet global standards and are competitive in international markets.
"With the global trade market projected to reach $32 trillion by the end of 2024, Nigeria and Africa must work to fully capitalise on these opportunities," Shettima said.
"We aim to significantly increase the contribution of the trade sector to GDP and grow Nigeria’s share of global trade."
Shettima also outlined the administration's commitment to enhancing trade facilitation for small and medium-sized enterprises (SMEs) through regulatory reforms.
He noted the role of the African Continental Free Trade Area (AfCFTA) in providing access to a 1.4 billion-person market, urging stakeholders to support Nigerian entrepreneurs in overcoming challenges to maximize AfCFTA’s potential.
Non-oil export growth was also highlighted by Nonye Ayeni, Executive Director and CEO of the Nigerian Export Promotion Council (NEPC), who reported a 6.7% increase in non-oil exports.
Ayeni stressed that the NEPC is working to improve market access, reduce export costs, and streamline logistics processes for exporters.
"We are focused on eliminating barriers to exports, particularly by improving logistics and fostering partnerships with key agencies such as the Nigerian Customs Service and Nigerian Ports Authority," Ayeni said.
The NEPC has also partnered with the World Trade Organization and the International Trade Centre to enhance the quality of key non-oil exports and address product rejections in international markets.
The conference, themed *"Promoting Non-Oil Exports for Rapid National Economic Growth,"* served as a platform to discuss emerging challenges and opportunities in the export sector, with the goal of further boosting Nigeria’s export levels and diversifying its revenue base.
The government remains committed to fostering policies that support locally made products, enhance market access, and create jobs, with a long-term vision of transforming Nigeria into a major global economic player.
In his closing remarks, Shettima reaffirmed Nigeria’s commitment to strengthening trade and investment opportunities through bilateral and multilateral agreements, signaling an optimistic outlook for the country’s economic future.
Fewer women, more young people operate in Nigeria’s informal economy – Report
Meanwhile, TheRadar reported that a report by Moniepoint, a fintech company providing banking services and loans through an online banking app, has revealed that more men than women operate businesses in the informal sector.
The report identified that approximately 40 million Micro, Small and Medium Enterprises (MSMEs) are domiciled in Nigeria with 89.4 per cent of them in the informal economy.
